In one of California's largest market rate to affordable housing conversions, Ethos Real Estate has acquired for $252.4M Hillsdale Garden Apartments, a 697-unit garden apartment community in San Mateo.
Ethos is partnering with Chicago-based private equity firm The Vistria Group on a renovation of the Hillsdale campus, which opened in 1948 and is spread across 52 two- and three-story buildings, converting the units from market rate to affordable housing.
Upon completion of the renovation, which will include interior and exterior upgrades, the Hillsdale community will be reserved for households earning at or below 80% of the area median income (AMI).
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